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Landmark Indian mining investment

Norton Rose is advising Linc on the sale of Linc's Galilee Coal's Queensland tenement to Adani Mining Pty Ltd, a wholly owned subsidiary within India's Adani Group, advised by Corrs Chambers…

user iconLawyers Weekly • 05 August 2010 • Big Law
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Norton Rose is advising Linc on the sale of Linc's Galilee Coal's Queensland tenement to Adani Mining Pty Ltd, a wholly owned subsidiary within India's Adani Group, advised by Corrs Chambers Westgarth.

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The sale involves an upfront half a billion dollars and a royalty stream once production starts, equating to a total deal value of approximately $3 billion.

The acquisition marks what Norton Rose believes to be the largest foreign investment ever by an Indian company in Australia.

Norton Rose has advised Linc on all sale, royalty and regulatory issues associated with the sale.

"This transaction represents an extremely significant investment by Indian enterprise in the continued expansion of the Australian mining industry and in particular the Queensland coal industry," said Norton Rose partner Michael Joyce.

"This investment will have significant beneficial flow-on effects to the economy as a result of the development of the tenement and the associated infrastructure expected to be needed as a result of its development."

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